In the elder law community the subject of long-term care is a hot topic, and when you analyze the numbers you see a very profound challenge emerging. The population is aging rapidly with senior citizens comprising the fastest growing age demographic in the United States. According to the U.S. Department of Health and Human Services seven out of every ten seniors are some day going to need long term care. 25% of people who have reached the age of 85 are residing in a nursing home, so the fact is … [Read more...] about Medicaid & Long-Term Care
One of the primary objectives of estate planning is to position assets in an optimal manner in an effort to avoid asset erosion. One of the most significant sources of asset erosion is the estate tax, so it is important to understand whether or not you are exposed to it so that you can take the necessary steps to mitigate that exposure if necessary. This is a little bit easier said than done because the estate tax parameters are always changing, so we would like to take a look at the present … [Read more...] about A Look At Current Estate Tax Parameters
When the topic of estate planning arises people generally think about preparing their assets to be transferred to their loved ones after they pass away. Indeed, this exercise is at the core of estate planning, but during current times there are other issues to consider as well. Medical science is capable of some amazing things as technologies advance, and doctors can now keep people alive using artificial means for extended periods of time when they are in an unresponsive and terminal condition. … [Read more...] about Advance Health Care Directives: A Necessary Inclusion
When you are planning for your retirement years while you are still working pleasant thoughts of free time, travel, and leisure invariably dance around in your head. Making sure you have the financial resources to take full advantage of this free time is a long-term goal that is a large part of what retirement planning is all about. But to prepare comprehensively and intelligently you have to understand all the possible expenses that you may be facing. There is a period of time that follows your … [Read more...] about Elder Law Concern: High Cost Of Long Term Care
The most common vehicle of asset transfer in the field of estate planning is the last will, but it is important to understand that you do have other options. Why would someone want to seek an alternative to a last will? Depending on the exact nature of your assets and the specificity of your wishes there could be a number of reasons. But for most people probate avoidance would be the motivation for seeking another way to transfer assets to your loved ones. So this brings up the question of why … [Read more...] about Why Do Some People Avoid Probate?